U.S. stock index futures were down on Tuesday, pulling back after a sharp rally fueled by a U.S.-China trade truce, as investors turned their focus to a key U.S. inflation reading that could shape the outlook for monetary policy.

Stock futures rose Sunday after Treasury Secretary Scott Bessent said “substantial progress” was made in trade negotiations with Chinese officials, potentially thawing tensions kickstarted by Trump’s escalating tariff policy.

Wall Street was on track to open with losses as the initial euphoria over the 90-day truce in the U.S.-China trade war faded.